Mississauga man charged with credit card fraud amassed over $1M in debt: OPP
Posted January 23, 2024 3:21 pm.
Last Updated January 23, 2024 3:36 pm.
A man from Mississauga has been charged with fraud after police say he purposely racked up a huge credit card bill of over $1 million without an intention to pay it back.
Ontario Provincial Police (OPP) said an investigation was launched into what the force called a bust-out credit card fraud, which occurs when someone uses their credit card account to build up a large credit limit over time.
Peel Regional Police officers brought the case to the Serious Fraud Office for Ontario (SFO) in November 2020, alleging the accused used his credit card to pay financial aggregators to cycle money through companies and individuals controlled by or associated with them.
The OPP said the man’s credit limit was increased, and the credit card was used to make large purchases, which were never paid back.
In this particular incident, police said that once the individual’s credit limit is high enough, they use the card to make significant high-end purchases without the intention of payment, leaving the credit card company with unpaid balances.
On Tuesday, police identified the man as 57-year-old Naveed Nadir of Mississauga.
He’s charged with fraud of over $5,000 and uttering a forged document. He has been released from custody and is scheduled to appear in court in Toronto on Feb. 22.
